Variable Frequency Drive Market Size, By Voltage (Low, Medium), By Drive (AC, DC, Servo), By Application (Pump, Fan, Conveyor, Compressor, Extruder), By End-use (Oil & Gas, Power Generation, Mining & Metals, Pulp & Paper, Marine), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028

Industry Trends

Variable Frequency Drive Market size exceeded USD 15 billion in 2021 and is poised to grow at a CAGR of over 4% between 2022 and 2028. Growing customer focus on the integration of renewables coupled with stringent standards and directives on energy efficiency will fuel the market demand. Ongoing rapid industrialization and urbanization across developing nations together with increasing investments in reliable and smart infrastructure will augment the industry landscape.
 

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Efficient operational characteristics along with cost-effective availability to propel AC VFD adoption rate

AC variable frequency drive market will witness substantial demand during the forecast period, on account of escalating deployment across industrial applications. These units deliver several electronic motor drives with multiple Fieldbus connectivity options, enhanced control technologies, and control interfaces. Furthermore, these units ensure maximum machine throughput across various applications with different types of motors including dynamic linear motors, standard AC induction motors, energy-saving hybrid motors, and high-performance servo motors, among many others.
 

Ongoing technological enhancements in variables frequency drive

Low voltage VFD units are anticipated to observe a significant growth through 2028, due to their rising utilization across various industrial applications, stimulating product demand. LV drives are cost-effective alternatives to various residential, commercial, and industrial systems with a limited requirement for maintenance & service operations.
 

The medium voltage variable frequency drive market is also set to gain robust demand in the coming years. A paradigm shifts toward the accelerating deployment of energy-efficient products to deliver power security in line with optimal energy utilization will impel the market revenue. Moreover, various industry players are also focusing on introducing radical innovations to meet the government standards, encouraging product adoption.
 

Integration of the Industrial Internet of Things (IIoT) will boost the market demand

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Pump application is projected to hold a dominating position in the industry till 2028, owing to its vast application potential coupled with rapidly developing industrial infrastructure. VFDs are widely integrated across pumps to deliver enhanced control on the electrical power frequency to effectively adjust pressure or flow in the system. In addition, there is a positive outlook toward propelling energy-efficient systems coupled with continuous technological advancements.
 

Integration of monitoring & control systems across energy and oil & gas networks

Replacement and refurbishment of existing technologies across small, medium & large enterprises will fuel the market expansion. In addition, the introduction of stringent energy efficiency policies along with shifting customer inclination toward renewable technologies will encourage product deployment. The rising integration of monitoring & control systems across hydrocarbon exploration & production activities will further accelerate the demand for VFD units with various power ratings.
 

Rapidly developing industrial infrastructure coupled with exponentially rising energy demand in Asia Pacific

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Asia Pacific variable frequency drive market revenue is estimated to reach USD 9 billion by 2028, propelled by continuously growing clean power generation, increasing industrial investments, favorable policy framework, and cost-effective product availability. Rapid infrastructural expansion and development accompanied by ongoing urbanization across prominent regions is further accelerating the demand for VFD. The requirement for high-tech drive products across several industrial applications including oil & gas, metals & mining, and power generation, among others will encourage product deployment.
 

Strategic partnerships, product innovations, and contractual agreements will drive the focus of industry participants

Major players operating across the market include Siemens, Johnson Controls, Honeywell International, Inc., Emerson Electric Co., ABB, Schneider Electric, Mitsubishi Electric, Eaton, Fuji Electric Co., Ltd., Rockwell Automation, WEG Electric Corporation, Yaskawa Electric Corporation, Danfoss, Hitachi Hi-Rel Power Electronics Private Limited, Nidec Industrial Solutions, Bosch Rexroth AG, CG Global, Hiconics Eco-energy Technology Co., Ltd., and GE, amongst others.
 

Eminent manufacturers are focusing on upbringing advanced technologies and enhanced & innovative products to cater to customer requirements. Manufacturers are also emphasizing on reducing the product cost and providing forward integration across the industry ecosystem. Key companies are focusing on strategic collaborations and M&As to achieve a competitive edge over the others.
 

The VFD market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” & “USD Million” from 2018 to 2028 for the following segments:

Market, By Voltage

• Low
• Medium

Market, By Drive

• AC
• DC
• Servo

Market, By Application

• Pump
• Fan
• Conveyor
• Compressor
• Extruder
• Others

Market, By End-use

• Oil & Gas
• Power Generation
• Mining & Metals
• Pulp & Paper
• Marine
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Norway
  • Sweden
  • Poland
  • Netherlands
  • Belgium
  • Denmark
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Thailand
  • Singapore
  • Malaysia
  • Philippines
  • Vietnam
  • Indonesia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Jordan
  • Iran
  • South Africa
  • Nigeria
  • Egypt
  • Algeria
• Latin America
  • Brazil
  • Argentina
  • Chile